“The very negative effects of the local political bickering and unrest, especially the assassination of a top security figure; the ban maintained on travel to Lebanon for Gulf nationals; [and] unresolved socio-economic claims and disputes were further sharpened by yet another missed high shopping season opportunity,” head of BTA Nicolas Chammas said in a statement.

“Consumers appear to have maintained, if not strengthened, their sharp restraint in spending, not only in vital trade sectors, but also in sectors that traditionally witness their best results during the festive period,” it said.

The only commodity that showed a noticeable increase in sales was tobacco, with an almost 5 percent real increase, despite the passage of the new law to ban smoking in public places.

The figures show that Lebanese households are applying stricter austerity measures, the report said.

“This self-imposed discipline is extended not only to durable goods, but also to seasonal and festive purchases, as well as basic staples,” it said.

Overall retail trade activity witnessed during 2012 a 2.88 percent growth – mostly due to a solid commercial showing during the first half of the year, which faltered thereafter, as well as sustained strong new car sales.

“Given that the commercial sector represents a vital component of the Lebanese GDP, and notwithstanding the effects of seasonality, we do maintain that overall economic growth will translate into an almost 0 percent growth at best for 2012,” the report concluded.